Social Fund to increase loan portfolio to EGP 5 billion this year

Written by: Ahmed Aly and Mohamed Hamdy

The loan portfolio, offered from the Social Fund for Development to finance SMEs, was EGP 4 billion by the end of 2011.

Essam El-Korashy, head of SMEs Development Group, said that the Fund aims at increasing the loan portfolio to reach EGP 5 billion by the end of 2012, with a one billion increase from previous year.

El-Korashy added that the Fund offered one billon loans to banks by the end of 2011 and it aims at signing loans agreements in value to EGP 1.1 billion by the end of 2012.

The Social Fund signed four loan contracts with the Industrial Development Bank in value to EGP 180 million, two loan contracts with the Development and Agricultural Credit Bank in value to EGP 150 million and two loan contracts with Audi Bank in value to EGP 35 million in order to finance SMEs.

Amwal Alghad